High value surpasses benchmarks in Japan

High earnings before interest and taxes (EBIT)/enterprise value (EV) outperformed worldwide by 0.95% and in Japan by 1.50% last quarter. Investors were still interested in high dividend yield names in Europe excluding UK, Europe, and Latin America boosting regions’ quarterly performance. High value styles gained more than corresponding indices in Japan, with excess returns concentrated in high earnings yield and high sales yield styles. The only high value style that underperformed slightly in Japan last quarter was low peg. Asia Pacific ex Japan’s high value quarterly relative performance, in contrast, is negative. In North America, high value styles are mostly neutral relative to benchmarks.